bitcoin

The dramatic rise in value (and then fall) of bitcoin and other cryptocurrencies has sparked interest among SMSF trustees on its potential as an investment, particularly in a marketplace of low-interest rates, erratic sharemarkets and an easing in property. While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In

A question was asked of the ATO recently, via its “ATO Community” webpage (find out more about that here) that centred on the viability of deeming bitcoin (or any cryptocurrency) as a personal use asset. The follow-up portions of the question of bitcoin as a personal use asset were as follows: Does a taxpayer

After ruling bitcoin as an intangible asset just over a year ago, the Australian Senate Economics References Committee has now come out in support of the position that crypto-currencies should be treated as a regular currency for goods and services tax (GST) purposes. (See the full Senate report here.) Bitcoin: Next step taken in long